IMAG Conference

Highlights: "Outsourcing" (Pt I)

Part I: "Outsourcing: Strategy or Necessity" with Len Burnett (Uptown Media), Jim Elliott (James G. Elliott Co, Inc.), Rick Jones (DJG Marketing, LLC) and Dedra Smith (Printmark West)

Benefits of Outsourcing:

·         Shared fixed costs

·         Avoid HR issues

·         Increase business

·         Smplify operations

·         Improve marketing support

·         Expand market intelligence

·         Increase collective experience

·         Accees to Senior Level Talen a small publisher could otherwise not afford

·         Affordable access to unique programs

·         Industry intelligence and perspective

·         Flexible menu of services

Keys to Outsourcing Success:

·         Due proper due diligence

·         Choose appropriate firm

·         Make sure chemistry is right and trust level is high

·         Top management buy-in is essential

Highlights: "Financial Bootcamp" (Pt III)

Part III: “Financial Bootcamp: Driving Inefficiencies Out of the Business” with Barbara Israel (WeiserLLP), Pat Fox (Active Interest Media), Clay Hall (Aspire Media) & Tom Winsor (Horse Media Group).

The New Model of Efficiency

·         Create a new horizontal culture

·         Think of ourselves as information manufacturers

·         Change the cultural mindsed

·         Use the internet to our advantage

·         Allow your audience to participate in the process

·         Develop editors into “Curators of Information”

·         Develop art directors into integrated “design engineers"

·         Sales strategies to sell across all platforms

Up Next: "Outsourcing: Strategy or Necessity" with Len Burnett (Uptown Media), Jim Elliott (James G. Elliott Co, Inc.), Rick Jonesv(DJG Marketing, LLC) and Dedra Smith (Printmark West)

Highlights: "Financial Bootcamp" (Pt II)

Part II: “Financial Bootcamp: Driving Inefficiencies Out of the Business” with Barbara Israel (WeiserLLP), Pat Fox (Active Interest Media), Clay Hall (Aspire Media) & Tom Winsor (Horse Media Group).

Some Revenues are in a Freefall…

Circulation driven media is fairing much better that ad driven media

Recession strategies:

·         Make sure content is valued

·         Present content that has been edited and curated

·         Develop additional SKEWS to be marketed to readers

·         Focus more directly to consumer sales

·         Manage to margin, not rate base

·         Think of advertising as a not a revenue stream but a subsidy to the readers

·         Print for profit and invest heavily in digital

·         Don’t reduce staff unless absolutely necessary

·         Bid out everything; everything is on sale

·         Don’t keep your staff in the dark; be transparent - interests of staff, management and investors will be more aligned than ever with open communication

·         Job preservation is Priority #1

Contingency plan priorities:

·         Eliminate inefficies in operating processes; solicit input from staff on how to operate your business with less cos and less wasted time

·         Lower expectation for investor’s return

·         Reduce operating expenses

·         Freeze, defer or reduce compensation

·         Layoffs as a last resort

Read: Highlights: "Financial Bootcamp" (Pt I)

Highlights: "Financial Bootcamp" (Pt I)

Part I: “Financial Bootcamp: Driving Inefficiencies Out of the Business” with Barbara Israel (WeiserLLP), Pat Fox (Active Interest Media), Clay Hall (Aspire Media) & Tom Winsor (Horse Media Group).

·         You are not alone.  Everyone is going through some type of economic change

·         The first step is to survive; only the fittest survive

·         Assess your situation and have goals:

o    Meet outside requirements – bank covenants or investor expectations

o    Keep margins steady

o    Free up cash

·         Put everything on the table – reexamine everything

·         Involve staff in cost cutting measures

·         Renegotiate where possible

o    Review long-term contracts, renew contracts with cash payment

o    Extend payment terms and discounts; ask for discounts; bring prepress  and editorial services in-house for savings

·         Work with your printer

o    Examine trim size, look for alternate papers, co-mail

o    Review heavy buy paper (weight and quality)

o    Review and adjust print orders

·         Maximize newsstand efficiencies

o    Increase price; know your breakeven point; control draws; eliminate main line sales; consult with a newsstand consultant

o    Improve subscription economics (review your sub prices)

o    Cut frequency; seek advantages of double issue

·         Add an SIP (repurpose your editorial)

·         Review basic business structures (reorganize, reduce staff and streamline)          

·         Consider outsourcing

·         Cut below minimum book size (short-term recommendation)

·         Cut back on desireable operations (short-term recommendation)

·         Cut rate base (be careful…do it only in conjunction with an ABC period)

·         Shutter titles; assess long-term survivability potential (final option recommendation)

·         Cutting necessary staff (final option recommendation)

MPA-IMAG Conference 1st Day's Round-Up

The opening day of the MPA-IMAG conference in Boulder,CO began with a range of aptly named "challenges". Attendees chose between biking, hiking or yoga to allow them to socialise casually with their colleagues and to explore Boulder's environs. The day was welcomed with blue skies and a warm  breeze, providing guests with a beautiful introduction to the Rockies.

The evening session began with cocktails and hors d'oeuvres served on the lawns of the St Julien hotel where guests were entertained by "David The Zip Code Man" whose awe inspiring talent to guess the town from the zip code only aroused much appreciation from his bewildered audience.

The Utne Independent Press Awards closed the evening with David Schimke, the editor in chief of The Utne Reader, announcing the winners; among which were Lapham's Quarterly for Best New Publication, The Walrus for Best Writing and The Virginia Quarterly Review for General Excellence. Congratulations to all winners.

Highlights: "Organizing a Multi-Media Company"

Highlights from this morning's “Organizing a Multi-Media Company” session with Eric Shanfelt (eMedia Strategist), Mike Edelhart (LiveDeal Inc.) & Kim Mateus (Mequoda Group, LLC).

• There is not "silver bullet"
• Force change throughout the entire organization
• Create simple fundamentals that anyone can adapt
• Multimedia requires new expertise (project management, e-commerce, video/TV, community)
• Either develop the expertise internally or hire new expertise (consulting)
• Whatever organizational strategy is implemented, roles and compensation must mirror implementation
• Manage the shifting media mix (content products: print v. digital)
• Figure out ways to best distribute the contect (distribution channels: traditional v. online)
• Digital isn’t an option: It’s an historic shift.  Change or die.
• If you don’t know what your digital strategy then how can you expect to be effective or profitable
• “Good ideas are bad”.  Only radical ideas will win.                              
• You have to attack your own business; the rising digital generation will win
• Defending what you know will only delay the inevitable

Up Next: “Financial Bootcamp: Driving Inefficiencies Out of the Business” with Barbara Israel (WeiserLLP), Pat Fox (Active Interest Media), Clay Hall (Aspire Media) & Tom Winsor (Horse Media Group)

IMAG Conference Gets a Rousing Kick Start

MPA President & CEO, Nina Link, and 2009 MPA-IMAG Conference Chair, Andy Clurman kicked off the Conference with rousing remarks.  Nina intimated how she has a special affinity for the independent publishing community and lauded the community’s ablility to be innovative and flexible especially in times of change.  Andy Clurman followed with a rousing and humourous tale about Boulder, an overview of the day’s programming and a solicitation to fully engage with the day’s presentations, presenters and fellow attendees.

Read: Exclusive! Pre-Conference Interview with 2009 MPA-IMAG Conference Chair, Andy Clurman

Up Next: “Organizing a Multi-Media Company” with Eric Shanfelt (eMedia Strategist), Mike Edelhart (LiveDeal Inc.) & Kim Mateus (Mequoda Group, LLC)

Excitement Continues to Build in Boulder

The exitement continues to build on the heels of last night's entertaining Welcome Reception and Dinner. Slated for this year's Conference attendees is a full day of interactive panel discussions, workshops and think labs, a visit to the technology lab at Colorado University to learn about "Consumer Adoption of New Gadgetry" and what's sure to be a riveting talk on "The Future of Magazines" by Bo Sacks. Stay tuned for regular updates beginning today at 10:30am EST/7:30am PST. 

Read the official MPA-IMAG Blog (www.magazine.org/imagblog) and follow-us on Twitter (www.twitter.com/indymags)

Congratulations UTNE Award Winners!

MPA joins Bryan Welch of Ogden Publishing and David Schimke of UTNE Magazine in congratulating all the winners of tonight's UTNE Awards!

For full coverage of the UTNE Awards and up-to-the-minute coverage of the MPA-IMAG Conference, check out Twitter at www.twitter.com/indymags

Exclusive! Pre-Conference Interview with MPA-IMAG Chair, Bryan Welch

MPA: There are other magazine conferences for independent publishers, what makes the MPA-IMAG Conference(s) stand apart?

BW: MPA-IMAG has always attracted a varied, innovative and highly successful group of independent publishers. Our membership in the MPA is a bridge between two different but intimately related businesses - special-interest, circulation-driven publishing and mass-market, ad-driven publishing - and that association has brought highly valuable resources to independents like me.

MPA: This year's Conference has a heavy emphasis on digital and technology. How important are both to the vitality of independent publishing?

BW: Publishing is no longer about print. Most of our businesses generate more than 15 percent of our revenues from our websites and that percentage is growing dramatically every year. These days you can't talk about the future of magazine publishing without talking about digital content.

MPA: What value does the MPA bring to the independent publishing community?

BW: The MPA network is our nation's most valuable source of cutting-edge information on publishing and the media. Through our peers every one of us - small or large - is able to stay abreast of the latest innovations and financial standards. Plus, it gives us a group of peers with whom we can compare notes, probably the most valuable thing any independent businessperson can invest in.

Follow up-to-the-minute coverage of the MPA-IMAG Conference on Twitter at www.twitter.com/indymags